There’s no doubt that making the decision to buy your first home can be daunting and confusing, but also very exciting! I have been in Real Estate for over 10 years now and have thoroughly enjoyed the process of helping buyers find their ideal home. I have prepared a few tips to help you get started.
ESTABLISH YOUR BUDGET
One of the first things you should do is investigate if there are any grants you can take advantage of. Take the time to see a financial specialist as they can help you pre-qualify for a home loan and establish your buying power. They can also have a straightforward conversation with you about what repayments will be manageable to maintain a secure and comfortable lifestyle.
Pre-approval can give you the confidence of searching for the right property and help determine your buying power. Your advisor can also calculate stamp duty and legal fees if applicable. You will feel more at ease and enjoy searching for your new home knowing this is all in order.
Take your time and research different areas. Ask yourself, will this property work for me and can I make changes over time without over committing financially.
Get to know your agent and allow your agent to get to know you. This will ensure you develop a good relationship and don’t miss any opportunities.
It is becoming more common that some properties sell off market so if your agent knows what you’re looking for they may be able to provide you a window of opportunity to show you a home before it hits the open market. It could be the perfect home you have been looking for.
MAKING YOUR BEST OFFER
You have found the perfect home and it’s time to make an offer. What’s next?
Have clear instructions for your agent when making an offer and confirm which conditions the contract will be subject to. Generally speaking, standard conditions may include finance, building and pest inspection, and council searches for a period of 14-21 days for each condition. Make sure you put your best offer forward. At this stage you should have confidence from your financial specialist to know what you can and can’t commit to.
The step in the process is to appoint a legal advisor.
Ask your agent to send a copy of the proposed contract to your legal advisor before signing so you can proceed with confidence and understand that everything is in order. At this point you will need to pay your deposit to fully execute the contract. You will then need to organise your building and pest inspection (if contract is subject to this). As you will have your finance pre-approval in order, finance will typically be satisfied within 12-21 days.
Once your searches and reports have been satisfied and finance is formally approved, your contract now becomes unconditional.
You will be given the opportunity to have a pre-settlement inspection of your property, which can be arranged with your agent. This inspection allows you to have a final inspection of the property and confirm that any special conditions have been met, and that the property is in the same state as when the contract was signed. Once satisfied, you can sit back, relax and plan your move in date after settlement.
By using this basic guide, you can have an easier and more satisfying process buying your new home. Get in touch for a no obligation complimentary appraisal if you need to sell before you buy.